Eswatini Revenue Service expands high-net-worth tax definition

The Eswatini Revenue Service (ERS) has expanded its definition of High-Net-Worth Individuals (HNWIs) to include persons with combined assets valued at E3 million or more. This new criteria, announced during the launch of the 2026 Annual Income Tax Return Filing Season in Ezulwini, moves beyond focusing solely on annual income to include ownership of immovable property, movable assets, financial investments, shares, and bonds.

Finance Minister Neal Rijkenberg stated that the change aims to improve tax fairness and transparency, noting that significant wealth is not always reflected through annual earnings alone. The expanded strategy is intended to prevent individuals with substantial resources from avoiding tax obligations by not declaring income.

For the 2026/27 financial year, the ERS has been tasked with collecting E19.48 billion in domestic revenue. Minister Rijkenberg emphasized that these funds are essential for financing public services, including healthcare, education, roads, and national infrastructure, to reduce the country's reliance on unsustainable borrowing.